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Merchants Bank of Indiana


Overview / Commentary
www.merchantsbankofindiana.com
317-324-4660
410 Monon Blvd.
Carmel, IN 46032

Merchants Bank of Indiana is headquartered in Carmel and is the 3rd largest bank in the state of Indiana. It is also the 151st largest bank in the nation. It was established in 1923 and as of June of 2022, it had grown to 495 employees at 6 locations. Merchants Bank of Indiana's money market rates are 7X the national average, and it has an A health rating.

Related Posts

Merchants Bank Of Indiana Raises Money Market Savings To 3.05% APY - 9/22/2022

Woohoo!  This just happened.  This rate had not been raised when I made my Merchants Bank post earlier today about their CD rates. https://www.merchantsbankofindiana.com/money-market/

Merchants Bank Of Indiana Raises 12, 24, And 36-Month Flex Index CD Rates To 3.56% APY - 9/22/2022

This is a variable rate CD tied to the Prime Rate. Different terms may be chosen.  The APY still lags leading brokered CD and Treasury rates, but should continue to increase as the Prime Rate increases. -Interest rate is based on a Prime Rate index minus a margin of 2.75%, with a floor of 0% -Interest rate may change at any time based on changes in the index -Minimum balance to open CD is $1000 -Must maintain minimum balance of $1000 every day to earn APY -Penalty may be imposed for early withdrawal https://www.merchantsbankofindiana.com/certificates-of-deposit/

Merchants Bank of Indiana Money Market Account Is New Rate Leader - 7/29/2022

Merchants Bank of Indiana has increased the rate of its nationally available Money Market Account (all balances up to $1m) yet again. Min opening deposit is $50.

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Reviews (19)

Easy And Smooth Process

Posted by: |

• No credit check, only ChexSystems for opening a money market account
• $15 incoming wire fee is reimbursed the next business day
• Personal phone call from a CSR to confirm information in online application
• No issue with a joint account initiated online

8

Money Market Now 1.51%

Posted by: |

Merchants Bank Money Market is now 1.51%.

6

Funding By WIRE ONLY!

Posted by: |

On 06/17/22 CSR told me the only way to initially fund the 1.51% MM account is with a wire transfer. If you have to use this bank, I found that Fidelity doesn't charge for an outgoing wire.

13

Still Among THE BEST

Posted by: |

I recently had the "pleasure" of working again w/ MBoI. Did the application for FDIC coverage to "sweep money" with MBoI to other FDIC covered banks for FDIC coverage for a balance over $250K. Almost flawless process. They are on top of things. Communication (they answer the phone locally too!), safety and customer service are A+. The .75% APR may not be the "best" but, w/o fees, or "gotchas" it's VERY decent. (Hopefully, they will soon raise this rate back to the 1% sooner than (too) later (?) to stay competitive w/ other banks lifting rates as the Fed increases rates as well). No doubt this is a gem among liquid accounts for parked cash. A+

3
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Health
A

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #8056
Year Established1923
Employees495
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.98%
Return on Equity - YTD18.19%
Annual Interest Income$160.6MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$10.82B$9.62B
LoansQ2 2022vs Q2 2021$9.91B$8.64B
DepositsQ2 2022vs Q2 2021$8.12B$7.86B
Equity CapitalQ2 2022vs Q2 2021$1.17B$1.01B
Loan Loss AllowanceQ2 2022vs Q2 2021$36.6MM$28.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$4.1MM$2.1MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Rates
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Merchants Bank of Indiana Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.05%--Money Market Account

Merchants Bank of Indiana CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.56%$1k-12 Month Flex Index CD
3.56%$1k-24 Month Flex Index CD
3.56%$1k-36 Month Flex Index CD
2.94%$1k-36 Month CD
2.89%$1k-30 Month CD
2.84%$1k-24 Month CD
2.79%$1k-18 Month CD
2.69%$1k-12 Month CD
2.63%$1k-1 Month CD
2.63%$1k-3 Month CD
2.63%$1k-6 Month CD
Locations


Merchants Bank of Indiana Locations
Indianapolis Bank Branch3737 East 96th StreetIndianapolis, IN 46240
Spartanburg Branch6880 South Arba PikeLynn, IN 47355
Merchants Bank Of Indiana410 Monon BlvdCarmel, IN 46032
Merchants Bank Of Indiana Carmel Office Branch11590 North Meridian StreetCarmel, IN 46032
Lynn Branch201 South Main StreetLynn, IN 47355
Merchants Bank Of Indiana - The Rich701 E Main StRichmond, IN 47374

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